How’s it going guys? I’m back with my morning mid American trade update. I knew going into this trade I was definitely going to see some drawdown. Tonight I am going to be a little more picky on my statistics, the numbers don’t lie, they simply need to be interpreted correctly. Knowing I was in a high drawdown trade before entering isn’t really a smart decision, however I really want to test this system to it’s limits.
Current trade:
EU -21.1 pips
I still expect EU to long today and I have full confidence and faith in my system, will be back in a few hours with another update, hopefully less red and some green would be nice
Hey guys I’m back with an update. Speaking from a statistical point, I do not think my EU trade will end up positive today. No big deal. I’m not perfect. Yet… lol. After reviewing the data, I took note of what to try and steer clear of when it comes to picking the pair for the day. I’m still giving EU the remainder of the day to move, I have a 100 pip stop worst case scenario.
I’m back. Unfortunately my EU trade did not work out as planned. No big deal, Just means more studying and understanding what to look for in the spreadsheet. I’m a little late getting into as a result of this “studying” but I do know what too look for when I see it. Tonight UJ definitely has what I want. Not to mention the US did come out with some good data yesterday.
My trade result from last night: -38 pips in EU.
Tonight’s trade:
UJ Long
My price was 102.173. Heading off to sleep now only down 2.1 pips (spread of course) Will be up bright and early with an update!
Hello. I am back with my morning update. I’m glad I choose UJ to trade today, Looks like it was a safe smart choice. The statistics where very low which is typically a great sign for a lot of movement from open to close on the daily chart.
Trade update. A little while ago I closed my UJ trade. Saw that I was up over 50 pips and was very satisfied so I decided to close the position and be done trading for the week.
UJ +53 pips.
Have a great weekend guys, I will be back Sunday with the Monday trades.
I’m going to start trading Sundays as well now that i seem to think I understand how the weekends work. Basically I only pull the currency data from Friday to Predict Sunday, Instead of only Thursday. I looked at several pairs, but what interests me most is EJ. Ej looks beautiful (statistically speaking) to short today, So my first trade of choice will be EJ. I expect some drawdown, not to sure how much (In the next few weeks my goal is to try and get the best mathematical guess for this as possible)…
My goal for Ej today is to sell above Sunday open. If EJ opens short today at open, I will not be trading it, instead I will move to my second choice which I have yet to decide on. Will be back at open to post the trade assuming I enter, If not I will be back with my strategy for tonight.
I’m pretty thrilled! EJ did exactly as planned, opened up allowing me to get in a solid price! I was in by probably 5:01 pm eastern time less than a minute after the market opened.
EJ Trade:
Entered Short at 141.656 currently up +1 pips at the time of this post.
Figured it was about time to post a trade update before I come back in a few hours to post the result before tonight’s trade. Trade is looking good. I got in at a phenomenal price, still can’t get over that xD.
Monday the 31st’s trade… Normally I would pull more than one pair, but just by looking at the chart prior to pulling the data, AJ looked like a gem to me. Pulled the data of course (that’s just what I do being the algo guy I am)… We have a beautiful sell lined up! I’m not certain on how far its going to move or really what the draw down is going to look like. Guess I will find out in the morning.
Anyhow, I entered:
AJ Short @ 94.96 Will be back in the AM with the usual update. Happy trading!
It is quite unfortunate I have to report a loss :(. I’m very upset not because I lost, but because I lost due to human error. After looking back at the statistics (and I am not just saying this) the system reported a long in AJ… very upsetting that I was tired and mistakenly read a sell. I think I am going to color code my last few eq’s to make it more obvious at night, plus take a nap before I trade instead of forcing myself to stay up. Some rest before hand hopefully will improve performance.
AJ -55 pips loss.
However, I did spot a trading opportunity in EN. En is going to end up short on the daily:
EN Short @1.5935 currently down 11.4 pips mainly due to spread. I absolutely hate spread on EN. Be back later with another update!
Still holding my position in EN. I could care less how short the day closes as long as my system + me is correct and it closes short. For this reason and reason alone, I am holding until 0000 eastern time, at which I will pull the new data and make my trading decision for tomorrow. Since today went better than expected I may modify my overall trading approach. I’m probably going to enter two trades a day now in effort to take 100+ pips per day. I’m going to enter at midnight my time which is the beginning of the day candle, at least on Oanda’s platform, wake up… and at the beginning of American session around 9 am enter my second trade into a “switch day pair” as I call it just like I did in EN today, which could not have been much better of a trade! My second trade will have less risk of losing because I’m either going to be shorting right around the High or longing right around the Low of the day for the particular pair I will be entering. If I really wanted to I could put a relatively tight stop on the trade thus reducing my risk even more and my profits will pretty much be predictable… Assuming I am correct, I will be guaranteed High or low to Open + any additional movement beyond open in event i hold til close like I am doing today.
Hello, I read your thread late placed the trade and it kept going in opposite direction, acted on emotion and got out. Then reversed my trade and it started going opposite ,
I’m new and it seems no matter what trade I do it always goes the opposite way, even if I stay in, then soon as I switch it STILL goes against me.
Any advice for me?
P.S. I am using a demo account but it still frustrates me…
Hello! Welcome to the world of Foreign Exchange! Thanks for following, by no means is my system perfect xD but I’m still workin on it been doing really well lately minus the human error I had last night which cost me 55 pips this morning :(. I as well as many new and pro traders alike have gone through the exact same problem you are going through mate, but on the bright side, there is hope! My simple advise for you, I’m not sure if you use stop losses or not, I understand you are new… However, you can not get in the market and expect to be instantly in profit. Every trade I enter I always start off red just like every other trader pro or new. This is due to spread. Sometimes I may be red for hours on end before I finally see that I am in profit! This is completely acceptable and happens quite often. Some say this is due to a “bad entry” or whatever. Let me tell you this, almost no entry is “perfect” it may take minutes, seconds or hours to finally be in profit assuming your trade was placed in the right direction. The answer to your question is patience. It’s the hardest principal to have as a new trader, but once successfully implemented it increases your chance of success by 10 fold. As a new trader I recommend you trade low risk if you decide to take my trades (I post these for myself not necessarily for others to take, but I am under tr impression some traders do take them which is fine, do trade at your own risk whether it be demo or live though), as well as place at least a 100 pip stop loss worst case scenario. Since I hold my trades until the end of the day I know if I was right or wrong by midnight each night because I am either in profit or In loss. Since I only “predict” the entire day, it makes sense to only “hold” the trades for the entire day. That is how I built my system. If it helps, place the trade, place the stop and walk away from your computer or smart phone. Check back every few hours and let the trade run! That is the best advice I can give you. Watching the market and praying it goes in your direction is not going to change the future… All you can do is let the future unfold and exit the trade in profit or loss when the system calls for exit (for me it’s midnight). Hope this helps and keep up the diligence and determination, these are must have traits to succeed in forex! Good luck mate
Unfortunately EN ended up slightly long yesterday. By less than 3 pips, only to short more than those 3 pips within the first 5 mins today. Will look into it tomorrow morning when I wake up. However, my EN trade did return a nice profit.
EN +55 pips
Today’s trade… The data was intense tonight. Seems like it’s really trying to trick me up, however, I did find the pattern I was looking for and EU really interested me but I would rather wait and see what happens to EU tomorrow before I consider trading a similar pattern in the future. On the bright side, EJ did have what I was looking for. Not really sure how big a move its going to make but my guess right now is hopefully around 50 pips or so from open would be nice, however I would be satisfied with a good 20-30. Profit is profit.
Anyhow… my trade:
EJ Long @ 142.296
I entered a little bit above open which sucks… I know drawdown is going to hit me a little while I am sleeping, no big deal. Shouldn’t take out my hundred pip stop and if it does I will be pretty upset (EJ doesn’t do this often but it can drawdown quite a bit before reversing into the master day direction).
Alright time for the trade update! Looks like EJ drew down less than I expected which is nice, and of course I am correct on the direction. I’m not going to take two trades today, I don’t like the other stats on the other trades and am rather picky. I probably will only trade the pattern I understand and know for the next month… no need to get greedy.
currently:
EJ +36 pips. Looking good, hoping for more than 50 pips today at this rate. American looks like It will continue to long.
I’m starting to think If I can continue like this for several months I am going to stop journaling my trades and revert to a paper copy I keep to myself. I do not want other people to think that just because it appears I am doing this well (I mean I am), that they should start copying my trades. For good reason. I do not want anyone to lose money because of me. Which is why I will never trade for a firm, nor trade anyone else’s money idc if it’s family lol. I still lose, even though it appears to be happening less and less, does not mean I am “pro” or skilled or whatever. I’m still building this “system” so to speak. It could take me years to achieve the results I desire (but hopefully way less than that). Anyhow that’s just a side note. Will be back later with an update. I think I will just stay in EJ til close, I don’t really care how many pips I take as long as I am right lol.
I think you should continue your journal, it has at least helped me realize patience through placing a good trade but because of my own emotional knee jerk reaction I ended up with loss. Happy trading!
been doing really well lately minus the human error I had last night which cost me 55 pips this morning :(. I as well as many new and pro traders alike have gone through the exact same problem you are going through mate, but on the bright side, there is hope! My simple advise for you, I’m not sure if you use stop losses or not, I understand you are new… However, you can not get in the market and expect to be instantly in profit. Every trade I enter I always start off red just like every other trader pro or new. This is due to spread. Sometimes I may be red for hours on end before I finally see that I am in profit! This is completely acceptable and happens quite often. Some say this is due to a “bad entry” or whatever. Let me tell you this, almost no entry is “perfect” it may take minutes, seconds or hours to finally be in profit assuming your trade was placed in the right direction. The answer to your question is patience. It’s the hardest principal to have as a new trader, but once successfully implemented it increases your chance of success by 10 fold. As a new trader I recommend you trade low risk if you decide to take my trades (I post these for myself not necessarily for others to take, but I am under tr impression some traders do take them which is fine, do trade at your own risk whether it be demo or live though), as well as place at least a 100 pip stop loss worst case scenario. Since I hold my trades until the end of the day I know if I was right or wrong by midnight each night because I am either in profit or In loss. Since I only “predict” the entire day, it makes sense to only “hold” the trades for the entire day. That is how I built my system. If it helps, place the trade, place the stop and walk away from your computer or smart phone. Check back every few hours and let the trade run! That is the best advice I can give you. Watching the market and praying it goes in your direction is not going to change the future… All you can do is let the future unfold and exit the trade in profit or loss when the system calls for exit (for me it’s midnight). Hope this helps and keep up the diligence and determination, these are must have traits to succeed in forex! Good luck mate